"Further prudential regulation measures should be considered to ensure a balanced housing market recovery."

The Treasury has come under fire over the Help to Buy scheme underwriting home loans for people without large deposits, amid strong price growth - particularly in London and the South East.

The OECD added: "Despite supportive monetary and financial conditions and gradually strengthening external demand, the contribution of a business investment and exports to growth has remained modest.

"The current account deficit has widened as net external income and exports have disappointed."

A Government spokesman said the growth estimates were the highest for any major developed economy and showed Britain was "coming back".

"The impact of the Great Recession is still being felt, but the foundations for a broad-based recovery are now in place. The biggest risk to economic security would be abandoning the plan that is laying those foundations," the spokesman added.

Posting on Twitter, Prime Minister David Cameron said the revision was a "sign our #LongTermEconomicPlan is working, meaning security #ForHardworkingPeople".